III 

109TH CONGRESS 

2D SESSION S. RES. 410 

Designating April 2006 as ‘‘Financial Literacy Month’’. 

IN THE SENATE OF THE UNITED STATES 

MARCH 28, 2006 

Mr. AKAKA (for himself, Mr. SARBANES, Mr. COCHRAN, Mr. LAUTENBERG, 

Mr. KOHL, Ms. STABENOW, Mr. TALENT, Mr. JOHNSON, Mr. CRAPO, Mr. 

DODD, Mr. MARTINEZ, Mrs. LINCOLN, Mr. DURBIN, Mr. INOUYE, Mr. 

DEMINT, and Mr. BAUCUS) submitted the following resolution; which was 

considered and agreed to 

RESOLUTION 

Designating April 2006 as ‘‘Financial Literacy Month’’. 

Whereas the personal savings rate of United States citizens 

in 2005 was negative 0.5 percent, marking the first time 

that the rate has been negative since the Great Depression year of 1933; 

Whereas in 2005, only 42 percent of workers or their spouses 

calculated the amount that they needed to save for retirement, down from 53 percent in 2000; 

Whereas the 2005 Retirement Confidence Survey found that 

a majority of workers believe that they are behind schedule on their retirement savings and that their debt is a 

problem; 


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•SRES 410 ATS

Whereas during the third quarter of 2005, the household 

debt of United States citizens reached $11,000,000,000; 

Whereas during the third quarter of 2005, individuals serviced their debt with a record 13.75 percent of after-tax 

income; 

Whereas nearly 1,600,000 individuals filed for bankruptcy in 

2004; 

Whereas approximately 75,000,000 individuals remain creditchallenged and unbanked, or are not using insured, mainstream financial institutions; 

Whereas expanding access to the mainstream financial system will provide individuals with less expensive and more 

secure options for managing their finances and building 

wealth; 

Whereas a greater understanding of and familiarity with financial markets and institutions will lead to increased 

economic activity and growth; 

Whereas financial literacy empowers individuals to make wise 

financial decisions and reduces the confusion caused by 

the increasingly complex economy of the United States; 

Whereas only 26 percent of individuals who were between the 

ages of 13 and 21 reported that their parents actively 

taught them how to manage money; 

Whereas the majority of college seniors have 4 or more credit 

cards, and the average college senior carries a balance of 

$3,000; 

Whereas 1 in every 10 college students has more than $7,000 

of debt; 

Whereas many college students pay more in interest on their 

credit cards than on their student loans; 


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Whereas a 2004 Survey of States by the National Council on 

Economic Education found that 49 States include the 

subject of economics in their elementary and secondary 

education standards, and 38 States include personal finance, up from 48 and 31 States, respectively, in 2002; 

Whereas a 2004 study by the JumpStart Coalition for Personal Financial Literacy found that high school seniors 

scored higher than their previous class on an exam about 

credit cards, retirement funds, insurance, and other personal finance basics for the first time since 1997; 

Whereas, in spite of the improvement in test scores, 65 percent of all participating students still failed the exam; 

Whereas individuals develop personal financial management 

skills and lifelong habits during their childhood; 

Whereas personal financial education is essential to ensure 

that individuals are prepared to manage money, credit, 

and debt, and become responsible workers, heads of 

households, investors, entrepreneurs, business leaders, 

and citizens; 

Whereas Congress found it important to coordinate Federal 

financial literacy efforts and formulate a national strategy; and 

Whereas, in light of that finding, Congress established the 

Financial Literacy and Education Commission in 2003 

and designated the Office of Financial Education of the 

Department of the Treasury to provide support for the 

Commission: Now, therefore, be it 

1 Resolved, That the Senate— 

2 (1) designates April 2006 as ‘‘Financial Lit3 eracy Month’’ to raise public awareness about— 


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1 (A) the importance of financial education 

2 in the United States; and 

3 (B) the serious consequences that may re4 sult from a lack of understanding about per5 sonal finances; and 

6 (2) calls on the Federal Government, States, lo7 calities, schools, nonprofit organizations, businesses, 

8 and the citizens of the United States to observe the 

9 month with appropriate programs and activities. 

Æ 


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